Freeport McMoRan (FCX)

Oct 24, 2022Trade Ideas

Freeport McMoRan (FCX) is on the move.

For one, the company’s CEO says the copper market is “strikingly tight globally right now,” noting that customers are fighting to get a hold of supply. CFO Kathleen Quirk also said copper demand is still strong, and that inventories are low, and that the industry is struggling to meet production targets at the moment.

In its most recent earnings report, the company saw revenue of $5 billion, which was ahead of expectations for $4.88 billion. According to, the company’s CEO added:

“FCX’s position as a global leader in the copper industry, together with a solid balance sheet, long-lived assets and experienced team, provide strength as we navigate the current global market uncertainties. Our performance in third-quarter 2022 reflects the global team’s focus on achieving our production plans in a challenging cost and supply chain environment. Despite near-term uncertainties, the long-term market fundamentals and value opportunities for our stakeholders remain highly attractive. I am confident that our strategy centered on being Foremost in Copper will be positive for all stakeholders as global conditions improve.”

FCX last traded at $32.03 on a volume spike to 27.2 million shares, as compared to daily average volume of 16.4 million shares.

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